Congress appears to have an agreement concerning a second Coronavirus stimulus package totaling nearly $1 trillion. SNW will host an “emergency” webchat Wednesday, December 23, 2020 at 10:30 a.m. CST. The chat will be via Zoom and Facebook Live. Please RSVP to firstname.lastname@example.org or monitor our Facebook page.
An early analysis of the legislation passed by the House of Representatives and Senate late Monday by SNW attorney Keith Naccari reveals that some of the widely anticipated and most useful benefits include:
- Federal unemployment benefits of $300 per week have been extended through March 14, 2021;
- $600 stimulus checks will be issued to most Americans;
- Phase outs begin for individuals making greater than $75,000 and married couples making $150,000
- These checks will have the same restrictions as the original stimulus checks from the spring/summer.
- Changes and Additional funding for Paycheck Protection Program:
- Forgiveness is simplified for businesses.
- The legislation adds the ability to apply for additional funding from a businesses’ first draw from the first round of the Paycheck Protection Program if the maximum amount was not received
- The legislation proposes to expand the definition of forgivable expenses by adding covered property damage costs, covered supplier costs, and covered worker protection expenditures
- Importantly, the legislation creates a so-called “second draw” of the PPP for those who qualify. If a business can show a 25% decrease in revenue in any quarter in 2020 compared to the same quarter in 2019, businesses may receive an additional payment from the PPP. Contact us for details.
- Paycheck Protection Program Tax clarification and extensions:
- The legislation specifies that proceeds from PPP and EIDL advances shall not be taxable income, and the expenses covered with such proceeds shall not have their deductibility affected.
- The legislation extends most tax credits offered in the CARES Act and Families First Coronavirus Response Act for Paid Sick and Family Leave through March 31, 2020
RSVP to join us Wednesday December 23, 2020 at 10:30 a.m. by e-mailing email@example.com to discuss these benefits in greater detail, or stay tuned to our website for a recording and further updates.